Ask Gerald: How Do I Rent My Property Fast?

Q: How do I rent my apartment fast? Charles, Montville, NJ

A:That’s a great question, Charles for all of the landlords out there. The best way to rent your apartment fast is to offer it and advertize it for rent at a slightly lower price than your competition—that is other landlords out there trying to rent a similarly sized apartment in the same area where your apartment is. This may seem strange I know, because as a landlord you want to maximize your profit, and to do that you may initially think that a higher asking price for your apartment will accomplish that. Unfortunately, it normally doesn’t, because your potential tenants looking for an apartment are going to shop around just like you would to try to get the best deal they can. A lower asking price will normally attract more interested renters which’ll help you get your apartment rented faster. Remember, if you ask for too high a price, your apartment will stay vacant—dropping your asking rent price may seem counterintuitive, but having a paying tenant is better than having a vacant apartment. Thanks for your question, Charles. I’m Gerald Lucas and I’ll see you again soon.